Government Spokesman Isaac Mwaura insists that the government will not sell the Kenyatta International Convention Centre(KICC).
This follows government plans to privatize 11 state agencies, including KICC and the cash-rich National Oil and Kenya Pipeline Company.
However, the High Court suspended the plans following a case filed by the Orange Democratic Movement Party.
Speaking on Thursday, Mwaura clarified that privatization of a company does not necessarily mean selling it. He explained that the government will enter into a contract with an investor for some time to benefit the country.
“If you want to privatise an entity, you cannot do it when it is dilapidated in condition. Privatisation is not selling, it has to do with someone coming on board, investing their money for a given period, getting some percentage of ownership in terms of that period and then after that, it can be reviewed,” he said.
KICC To Host New Hotel
Mwaura insisted that the government would maximize the potential and value of the convention.
“We will not just be using this place for offices but will also use it for investment and to get money from hotels. We will also have a new hotel from this premises so that when many people come here, you can revive Hilton, interCon so that people can make money,” he said.
Adding: “Privatisation is about getting a solid investor who comes in and does what they need to do to make money for themselves and also for the country and then they can move on.”
President William Ruto envisions a KICC that generates Sh300 billion a year. He cited mismanagement as the core reason investments in the running of the building were not yielding returns.
“KICC today is valued at Sh30 billion, but we got Sh30 million the last financial year…It is mismanaged,” Ruto said during a round table with the media.
“Instead of having KICC as an office block for people who don’t pay rent, why don’t we transform it into an international conference centre to be bringing Sh300 billion a year?” Ruto posed.
